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PratapDarpan > Blog > Buisness > Market Insight > Tech View: Nifty forms another doji candle. Here’s how to trade on Thursday
Market Insight

Tech View: Nifty forms another doji candle. Here’s how to trade on Thursday

PratapDarpan
Last updated: 16 July 2024 21:00
PratapDarpan
11 months ago
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Tech View: Nifty forms another doji candle.  Here’s how to trade on Thursday
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Contents
What should traders do? Here’s what analysts had to say:Osho Krishna, Senior Analyst – Technical & Derivatives, Angel OneOm Mehra, Technical Analyst, SAMCO SecuritiesJatin Gedia, Sher Khan by BNP Paribas
The Nifty ended Tuesday’s session up 26 points and once again made a doji candle, analysts said.

Nifty’s near-term uptrend remains intact. Although Nifty is consolidating at higher levels, there is no confirmation of any significant reversal pattern building at higher levels. A move from here could push the Nifty towards the 24,900 level next week. Nagaraj Shetty of HDFC Securities said the immediate support is at the 24,450 level.

Open interest (OI) data shows that on the call side, the highest OI was seen at 24,700 and 25,000 strike prices, while on the put side, the highest OI was seen at 24,000 strike price.

The stock market will be closed on Wednesday due to Muharram.

What should traders do? Here’s what analysts had to say:

Osho Krishna, Senior Analyst – Technical & Derivatives, Angel One

Nifty’s trading range has shrunk significantly to 80 points, making it more challenging for traders to navigate. However, despite this, the broader markets continued to see active participation, which contributed to maintaining a positive undertone for market participants. The support zone for the Nifty is at 24,500-24,400, with buyers expected to move in on a dip. However, it is not entirely clear whether the trend will continue at higher levels. Nifty has crossed the golden retracement level of 24,610 and the next key level is around 24,700-24,750.

Om Mehra, Technical Analyst, SAMCO Securities

Despite the small candle formation, the hourly time frame remains positive. The daily RSI is positively skewed and is at the 74 level. Immediate support remains at the 24,500 level. Any decline towards the 24,550 range would be considered a short-term buying opportunity. On the upside, resistance has shifted to the 24,750-24,780 zone.

Jatin Gedia, Sher Khan by BNP Paribas

On the daily chart, we can observe that the Nifty has remained high at the level of 24,840. There are signs of losing momentum on the hourly chart as the hourly momentum indicator has a negative crossover and the Bollinger Bands have also started to contract, suggesting that consolidation may occur in the next few trading sessions. A consolidation range is likely to be 24700 – 24500.

(Disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. These do not represent the views of Economic Times)

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